South Miami Home Market Analysis

May 21st, 2010 Categories: Market Trends, South Miami

Nothing gives you a clear picture of the South Florida real estate market as aptly as looking at the numbers.  And nothing gives a better understanding of the numbers as well as a visual aid.

Here’s what’s going on in South Miami. Please note that these numbers do not include the High Pines and Ponce Davis area.  While folks like to think of each of them as part of South Miami, they really aren’t officially part of the city of South Miami.  I ran these reports by city.  I’ll devote separate market reports to High Pines and Ponce Davis homes.  Below is a breakdown of the homes presently available for sale in South Miami:

There are 56 single family homes available for sale in South Miami. The lowest priced one at $29,900 (no, that isn’t a typo) and all the way at the other end of the spectrum is the highest priced at $1,899,000 (a beautifully appointed newer construction with 6 bedrooms and centrally located just minutes from U.S. 1).

In comparison, below is what is Pending Sale in South Miami.  That means that the home seller and buyer have come to an agreement on price and terms, escrow has been opened, and the transaction is on its way to closing sometime in the near future.  Considering the number of closed sales in the last 3 months (noted below), this number of pending sales is a very healthy number.  Keep in mind that not all sales that go under contract get to closing.  Sometimes the transaction falters and the reasons are many.  Of the 22 homes pending sale in South Miami, 12 are short sales and 2 are foreclosures.  So more than half of the pending home sales are distressed sales:

The final graphic shows what has actually closed in the last 30 days.  There were 3 closed sales in South Miami in the last 30 days.  There were 9 closed sales in the last 3 months, so last month’s activity is pretty much the average for the area lately: 3 sales a month:

When you think about the fact that there are 56 homes for sale and they are selling at a rate of 3 per month (we do not count pendings when calculating this), there are 18.66 months of inventory available for sale in South Miami. A normal market has about 6 months of inventory.  This means it is crucial that you price your property well to be one of those closed sales.

Spoken by Maggie Dokic | Discussion: Comments Off on South Miami Home Market Analysis